steelclock,

Well as long as your engine is working properly and getting oil pressure, then I would say no, it wont hurt anything.

Remember, the oil pressure gauge is an informational device. Not all cars have one. You still have a low oil light to tell you if you are running low on oil, so the oil pressure gauge gives you more info to help monitor the engine.

My oil pressure gauge on my 400e read 3 ALL the time before I replaced the sending unit. I drove it like that for months, I just felt that a car as fine as my 400e deserved to have everything functioning correctly.

Hope this helps!

-David